San Diego Housing Market News and Analysis
Centex in Temecula shuts down tract less than half complete
User Forum Topic
Submitted by temeculaguy on September 11, 2008 - 10:24pm
I confirmed that centex has shut down it's Hemmingway tract in Redhawk, is selling the models and has sold the land to another company (which is not a homebuilder) who has no immediate plans to build. Current owners get to live on a half finished street, some of the houses have empty lots in between two finished homes and the models are completely stranded with twenty or so graded and empty lots between them and where they built the other homes. I'd estimate only 1/4 of the lots were built on. During the 1992-1996 market when this happened, some tracts never put the "cap" on the streets and the city never accepted them, the builder fled and the homeowners were left to maintain their own street. I'm not sure if this will be the case since the builder didn't belly up but just decided to call it quits on that project.
This is the first I've seen where the builder just packed up and left a half finished project, I doubt it will be the last. I wonder if this will scare off buyers in new tracts for fear that it wont ever be completed and then later filled in with "who knows what."
Centex's other project is far less desirable than Hemmingway, I give it three months tops, they currently are finishing a phase and didn't start the next one.
I wonder who is next?
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